HAMBURG OFFICE MARKET RANKS 3RD PLACE
In 2022, Hamburg's office market successfully continued the significant upturn of the previous year. With a take-up of 554,000 m², an above-average result (+9%) was achieved in a long-term comparison. This even exceeded the pre-covid result of 2019 (514,000 m²). Compared to 2021, take-up increased most strongly by around 14 % compared to all the A-locations, placing Hamburg in third place behind the clear frontrunners Berlin and Munich. The Hamburg office market has thus fully recovered from the pandemic-related decline in take-up in 2020 and is also largely unaffected by the challenging economic environment to date. This is also reflected in the significant increase (+6.1%) in prime rents, which reached a new record of 35 €/m². After a very high take-up at the end of the third quarter (445,000 m²), however, the final quarter was hardly characterised by a year-end rally, nevertheless around 109,000 m² were newly let in Q4.